TLDR
- DEFT jumped 32% in after-hours trading on Tuesday
- Preliminary FY25 revenue came in at $99.1M, up 215% year-over-year from $31.4M
- Q4 revenue of $20.0M missed analyst consensus of $33.0M
- The company swung to a net income of $62.7M from a net loss of $27.6M the prior year
- Annual results filing will be delayed due to a pending SOC 2 Type 2 report from a third-party vendor — not due to any auditor disagreement or financial statement issues
DeFi Technologies posted preliminary unaudited revenue of $99.1 million for fiscal year 2025, a 215% jump compared to $31.4 million in fiscal 2024. The after-hours reaction was swift — the stock surged 32%.
The full-year swing to profitability was one of the cleaner stories in the report. Net income came in at $62.7 million, a $90.3 million turnaround from the $27.6 million net loss posted in fiscal 2024.
Despite the headline numbers, Q4 revenue of $20.0 million fell short of the $33.0 million analyst consensus. That gap is worth watching.
$DEFT Earnings — Slightly Bearish 🐻
Revenue:
• Actual (FY2025): $99.1 million
• vs Consensus/Guidance: N/A (No external analyst consensus available. Stillman Digital segment closed fiscal 2025 ahead of its initial guidance range.)
• YoY Change (FY): +215% ($99.1M in FY2025…— William Paulson (@Billerrr1) March 31, 2026
Valour, the company’s asset management arm, reported average assets under management of $809.9 million across 2025. That reflects new product launches, continued investor demand, and favorable digital asset market conditions.
Net inflows into Valour’s ETP products hit $110.1 million during the fiscal year. The platform now has more than 100 listed products globally.
Stillman Digital and Platform Expansion
Stillman Digital, the institutional arm of the business, completed its first full year of contribution in 2025. CEO Johan Wattenström described it as having “further strengthened the institutional layer” of the platform.
Wattenström said the results “reflect the strength of the business model we have built,” pointing to multiple revenue streams and product lines as key to the company’s resilience.
Filing Delay Explained
DeFi Technologies said it will miss the deadline to file its audited annual financial statements for the year ended December 31, 2025. That includes the management’s discussion and analysis and the related CEO and CFO certifications.
The company was clear about the reason: it’s waiting on a SOC 2 Type 2 report from a third-party vendor. That’s an independent, auditor-verified assessment.
The delay has nothing to do with any disagreement with auditors. The company also confirmed no issues with its financial statements and no identified weakness in internal controls over financial reporting.
That distinction mattered to the market. Despite the filing delay, the stock still moved sharply higher on the revenue and profitability numbers.
Q4 revenue of $20.0 million remains the soft spot in an otherwise strong full-year report.
